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Help me please!Im not sure if I did #1 correct. Please help me Liam and Katano formed a partnership to open a sushi restaurant by

Help me please!Im not sure if I did #1 correct. Please help me image text in transcribed
image text in transcribed
image text in transcribed
Liam and Katano formed a partnership to open a sushi restaurant by investing $109,000 and $119,000, respectively. They agreed to share profit based on an allocation to Liam of an annual salary allowance of $164,000, interest allowance to both Liam and Katano equal to 10% of their beginning-of-year capital balance, and any balance based on a 1:3 ratio, respectively. At the end of their first year, December 31, 2020, the Income Summary had a credit balance of $44,000. Liam withdrew $21,000 during the year and Katano $38,000.
Required:
1. Determine each partners share if the first-year profit was $44,000. Prepare the entry to close the Income Summary on December 31, 2020. (Leave no cell blank. Enter "0" when the answer is zero. Negative answers should be indicated by a minus sign.)
2. Calculate the balance in each partners capital account at the end of their first year. (Negative answers (i.e. debit account balances) should be indicated by a minus sign.)
Please, help meI will like your answer
Liam and Katano formed a partnership to open a sushi restaurant by Investing $109,000 and $119,000, respectively. They agreed to share profit based on an allocation to Liam of an annual salary allowance of $164,000. Interest allowance to both Liam and Katano equal to 10% of their beginning-of-year capital balance, and any balance based on a 1:3 ratio, respectively. At the end of their first year, December 31, 2020, the income Summary had a credit balance of $44.000. Llam withdrew $21.000 during the year and Katano $38,000. Required: 1. Determine each partner's share if the first-year profit was $44,000. Prepare the entry to close the income Summary on December 31, 2020. (Leave no cell blank. Enter "0" when the answer is zero. Negative answers should be indicated by a minus sign.) Share to Liam Share to Katano Total Profit $ 44,000 Salary allowances inforest allowances Total salaries and interest allocation Balance of profit $ 164,000 $ 13,080 $ 177.080 $ 0 14 280 14,280 (191,360) $ (147,360) 36,840 110,520 (147 360) Remainder 13 ratio Balance of profit Shares of each partner $ 213.920 $ 124,800 $ 44,000 View transaction list Journal entry worksheet

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